Citing a booming economy, solid loan growth and other factors, two banks with headquarters in Lane County reported strong profits through the first six months of 2018.

Both institutions — Eugene-based Summit Bank and Florence-based Oregon Pacific Bank — released midyear results through June 30 late last week.

Summit Bank reported year-to-date profits of $2.39 million, or 46 cents per share, an increase in earnings per share of 30 percent from the same period a year ago.

Net loans as of June 30 were $314 million, up from $255.1 million a year ago, Summit reported. The bank’s total deposits increased by $64 million over the same period to $341.6 million.

Oregon Pacific Bank reported year-to-date profits of $1.4 million, or 20 cents per share. That compared with 13 cents per share for the same period a year ago, an increase of about 54 percent.

As of June 30, Oregon Pacific held net loans totaling $207.2 million, up from $173.2 million a year ago. Total deposits were $244 million, up from $213.6 million a year ago.

Like other banks, Summit and Oregon Pacific have benefited from the strong economy and a federal corporate tax cut that Congress passed in December.

Earlier this month, the Conference Board projected that the U.S. economy, as measured by gross domestic product, grew by 4.2 percent in the second quarter and raised its outlook for 2018 and 2019 to an average of 3.1 percent growth. Oregon’s economy has been one of the fastest-growing among the 50 states, according to the Bureau of Economic Analysis. In the fourth quarter of 2017, Oregon’s GDP expanded 3.7 percent — faster than all but two states, the bureau reported in May.

“The expansions and growth of many of our clients have contributed to the growth, which is a reflection of the broader overall expansion,” Summit Bank CEO and President Craig Wanichek said Monday.

The tax change, meanwhile, lowered banks’ marginal tax rates.

Wanichek said Summit’s effective tax rate declined about 10 percent. Oregon Pacific Bank CEO Ron Green said his bank’s effective tax fell about 16 percent, to about 22 percent from 38 percent.

Both CEOs said the tax cut contributed to employee wage increases.

“Literally across all positions in the bank, salary ranges were increased,” Green said. “This has allowed us to directly increase the wages of approximately 65 percent of our employees whose base salaries were below the peer median.”

Summit paid a supplemental bonus to all nonexecutive officer positions after the effective date of the tax law change, Wanichek said.

Both banks have been hiring and have capitalized on opportunities created by recent local bank sales.

During the past 12 months, Summit Bank has added 15 employees, including loan origination, deposit operation and support positions, Wanichek said. The bank now employs 69 people in Eugene and Bend.

Oregon Pacific also has been growing. Since the November 2017 sale of Eugene-based Pacific Continental Bank to Columbia Bank of Tacoma, Oregon Pacific has roughly doubled the number of employees at its Eugene branch, Green said.

This fall, the bank plans to move its Eugene branch into a bigger, former bank building at 59 E. 11th Ave.

Oregon Pacific Bancorp stock is publicly traded under the ticker symbol ORPB on the OTC-Pink Open Market. The lightly traded stock last sold at $6.05 a share. Summit Bank’s lightly traded stock is tracked under the ticker symbol SBKO on the OTC Bulletin Board. It last traded at $18.50 a share.